Industry associations welcome leadership spill

An industry association says that last night's leadership spill will help stave off the controversial risk reform legislation, while the FSC has encouraged the prime minister-designate of Australia, Malcolm Turnbull, to support an agenda that makes competition, trade, tax and federation reform a priority.

In welcoming Mr Turnbull, the chief executive of the FSC, Sally Loane, said these were areas that would sustain the economy and create more employment opportunities in our growing nation.

"The Financial Services Council looks forward to working with the Turnbull government to create opportunities for our future as a services-based economy," Ms Loane said.

"Mr Turnbull brings a wealth of experience in business, financial services and politics which the nation needs at this time."

In a letter to members, the executive director of the AIOFP, Peter Johnston, said that Mr Turnbull's clinching of the leadership would help the industry and his attempts to stave off the risk reforms.

"With a national election only 12 or so months away and the Coalition's need to improve their standing in the polls, they will have little choice but to act in the best interests of consumers, the nation's underinsurance dilemma and start listening to small business," he wrote.

Other members of the financial services industry weighed in on Twitter.

The FPA's general manager, policy and conduct, Dante De Gori asked what the change in leadership would mean for the various portfolios.

According to media reports this morning, a Turnbull-led government may see key changes to a number of ministerial positions.

The current Social Services Minister will most likely take over Joe Hockey's role as Treasurer, according to The Sydney Morning Herald.

There was also speculation that Finance Minister Mathias Cormann and Assistant Treasurer Josh Frydenberg would retain their positions.

Mr Turnbull will be sworn in as Australia's 29th prime minister this afternoon.

At the same time, the FSC also acknowledged former prime minister Tony Abbott.

"We also thank Tony Abbott for his work in creating a platform for much-needed reforms," Ms Loane said.